Synchron sale still rewarding vendors
The original owners of dealer group Synchron are continuing to reap the rewards for the sale of the business to WT Financial Group last year.
WT reported to the Australian Securities Exchange on Friday that the Synchron sellers were entitled to another upside consideration because base fee revenue had exceeded the 12-month performance hurdle for the period ended April, this year.
The announcement said that base free revenue for the relevant period exceeded by the milestone by $1.017 million resulting in an upside consideration of $650,996.
It said the upside consideration would be satisfied by the vendors subscribing for WTL shares.
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